US-based robots and autonomous mobile solutions provider Adept Technology has entered into an agreement to sell 8,000 shares of its Series A Convertible Preferred Stock to affiliates of Hale Capital Partners for $8m.
The net proceeds from the sale of shares will be used by Adept for general corporate purposes including funding growth of its mobile and packaging business and the possible reduction of its debt.
Adept president and chief executive officer John Dulchinos said the company will continue to make progress in its mobile robot and packaging solutions businesses to transition the technologies into solutions with its lead customers.
"We expect this capital to be used judiciously in marketing and selling to a larger, broader customer base which we believe will result in exponential growth over time for these Adept businesses," Dulchinos added.
The shares sold would be convertible into shares of the company’s common stock. The sale is expected to close mid-September 2012 and is subject to the satisfaction of customary conditions and lender and Nasdaq approval.